2015 15 RESULTS PRESENTA TATIO TION Colin Jones, Finance Director November 19, 2015
GHTS 1 HIGHLI HLIGHTS £m 2013 2013 2014 2014 2015 2015 Chan ange ge Revenue 404.7 406.6 403.4 -1% Adjusted PBT 1 116.5 116.2 107.8 -7% Statutory PBT 1 95.3 101.5 123.3 +21% Adjusted EPS 1 71.0p 70.6p 70.1p -1% Dividend 22.75p 23.00p 23 23.40 40p +2% Net (debt)/cash 2 (9.9) (37.6) 17.7 17 1. As reconciled in appendix to preliminary announcement Page 1 2. The comparative figure for net debt is at September 30
KEY MESS SSAGE GES Headline revenues down 1% to £403.4m H2 underlying 1 revenues down 5%, after 1% increase in H1 Adjusted operating margin down to 26%, reflecting known costs and weak H2 Adjusted PBT down 7% to £107.8m FX US$ benefit £7m Strong operating cash conversion - net cash £17.7m by y/e Fintech investments: Dealogic, Estimize, Zanbato Continued progress rolling out Delphi content platform Good pipeline of new products Q1 trading in line with expectations and H2 FY15 trends 1. Excludes acquisitions/disposals, event timing and at constant exchange rates Page 2
FINANC ANCIAL IAL HIGHLI HLIGHTS GHTS Statutory profit £123.3m vs Adjusted PBT £107.8m Underlying tax rate 18% Dealogic: swapped £5.6m of Adjusted PBT for an associate interest of c£3m (annualised) – 2% earnings dilution Final dividend of 16.4p consistent with 3x cover policy Net cash at y/e – facility renewal depends on acquisition pipeline Underlying cash conversion 101% (2014: 100%) Page 3
ST STATUT UTORY ORY PROFIT IT Exceptional items Page 4
CASH SHFL FLOW/ OW/NE NET T DEBT Page 5
TRADIN DING G SU SUMMARY RY £m 2013 2013 2014 2014 2015 2015 Chan ange ge Revenue -1% 404.7 406.6 403.4 Adjusted operating profit 1 121.1 119.8 104.2 -13% Adjusted PBT 1 -7% 116.5 116.2 107.8 Operating margin -3.7% 29.9% 29.5% 25.8% 1. As reconciled in appendix to preliminary announcement Page 6
MACRO RO HEADWIND DWINDS S OUT UTWEIGH GH TAILWI LWINDS NDS HEADWIN ADWINDS DS TAILWIND LWINDS Asset management s ector remains robust: Deteriorating global GDP forecasts – II Memberships new launches Debt capital markets – continued impact – IIN of i ncreased compliance / regulation and – BCA new products structural, rather than cyclical, challenges Telecoms Commodities - p rices remain depressed Fintech across most assets Delphi Emerging markets - i ncreased geopolitical risk Recent market news: – Q3 global IB results – HSBC/Barclays/Deutsche/Unicredit – Glencore Page 7
REVENUE UE BY TYPE Underlying £m 2014 2014 2015 2015 Headline Underlying excl timing Subscriptions 196.8 21 210. 0.5 +7% +2% +2% Advertising 52.2 48 48.9 -6% -11% -11% Sponsorship 56.6 59 59.2 +5% -4% -2% Delegates 71.1 70 70.5 -1% -12% -5% Other 13.3 12 12.1 -9% -11% -11% Sold/closed 13.7 1.6 1. - - - business FX 2.9 0. 0.6 - - - Total 406.6 40 403. 3.4 -1% -4% -2% Page 8
lying) 1 REVENUE UE CHANGE NGE BY QTR (und nderlying) Y-o-Y % FY2014 FY2015 change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +2% +3% +2% +2% +2% +2% +4% +2% Advertising -3% -1% -8% -2% -6% -16% -8% -13% Sponsorship -2% +22% - +23% +1% +11% -9% -2% Delegates - -11% -1% - +3% +5% -11% -14% Other +5% +15% +24% +14% -4% -10% -24% -9% Total +1% +2% - +4% +2% +1% -5% -6% 1. Excludes acquisitions/disposals, event timing and at constant exchange rates Page 9
lying) 1 REVENUE UE CHANGE NGE BY QTR (und nderlying) Y-o-Y % change FY2014 FY2015 H1 H2 H1 H2 Subscriptions +2% +2% +2% +3% Advertising -2% -5% -11% -11% Sponsorship +9% +8% +7% -6% Delegates -5% -1% +3% -12% Other +9% +19% -6% -16% Total +1% +2% +1% -5% 1. Excludes acquisitions/disposals, event timing and at constant exchange rates Page 10
REVENUE UE BY DIVISI SION ON Underlying £m 2014 2014 2015 2015 Headline Underlying excl timing Research & Data 120.8 125. 12 5.8 +4% 0% 0% Financial Publishing 75.8 74 74.3 -2% -6% -6% Business Publishing 67.8 70.0 70 +3% 0% 0% Conferences, 125.6 13 131. 1.1 +4% -7% -2% Seminars & Training Other/closed 13.7 1.6 1. - - - FX 2.9 0. 0.6 - - - 406.6 40 403. 3.4 -1% -4% -2% Page 11
SION 1 OPERAT ATING ING PROFIT IT BY DIVISIO £m 2014 2014 2015 2015 Change Research & Data 43 43.6 -3% 45.1 Financial Publishing 21.6 18 18.5 -14% Business Publishing 22.8 24 24.2 +6% Conferences, Seminars & 34.5 33.3 33 -3% Training Sold/closed businesses 6.7 1.3 -81% Corporate costs (10.9) (16 16.7) 7) +53% Total 119.8 10 104. 4.2 -13% 1. Headline profit before effect of FX hedging Page 12
OPERAT ATING ING MARGI RGIN N BY DIVISIO SION FY 2014 H1 1 20 2015 15 H2 2 20 2015 15 FY 2015 Research & Data 37% 33% 33% 37% 37% 35% 35% Financial Publishing 28% 23% 23% 26% 26% 25% 25% Business Publishing 34% 30% 30% 38% 38% 35% 35% Conferences, Seminars & 28% 29% 29% 22% 22% 25% 25% Training Group operating margin 1 30% 26% 26% 26% 26% 26% 26% 1. After corporate costs Page 13
OPERAT ATING ING MARGI RGIN % Adjusted operating margin 2014 29.5 Event timing differences (0.5) Acquisitions / disposals (0.1) Property costs (0.5) Delphi costs (0.5) 27.9 Underlying operating profits (2.1) Adjusted usted operat rating ing mar argi gin n 20 2015 15 25 25.8 Page 14
ADJUS USTE TED D PBT Page 15
ST STRATE TEGY GY Investor day strategy update early in 2016 Page 16
OUT UTLOOK Macro headwinds continue to outweigh tailwinds Headwinds are both structural and cyclical, especially in banking H2 revenue trends expected to continue into FY16 H1 Still some pressure on margins from revenue declines FX remains favourable Good pipeline of new products in asset management Balance sheet and cash flow stronger than ever Page 17
Appendix
REVENUE UE CHANGE NGE BY QTR (head adli line) ne) Y-o-Y % FY2014 FY2015 change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +5% +1% -4% -3% +3% +7% +12% +6% Advertising - -4% -15% -7% -4% -10% +1% -9% Sponsorship +8% +23% -2% +29% -12% +33% -3% +3% Delegates +2% +14% -3% -2% -1% +17% -9% -11% Other +4% +17% +21% +11% -3% -4% -21% -7% Total +3% +5% -6% - -5% +6% -1% -4% Page 19
NGE BY QTR 1 (cons REVENUE UE CHANGE nstan tant t FX) Y-o-Y % FY2014 FY2015 change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +6% +6% +3% +4% +2% +2% +4% +2% Advertising +1% - -8% -2% -6% -16% -8% -13% Sponsorship +9% +29% +6% +37% -12% +26% -9% -2% Delegates +1% +17% - +2% -1% +15% -11% -14% Other +5% +19% +27% +16% -4% -6% -24% -9% Total +5% +10% -1% +5% -5% +1% -7% -7% 1. At constant exchange rates before FX hedging Page 20
lying) 1 REVENUE UE CHANGE NGE BY QTR (und nderlying) Y-o-Y % change FY2014 FY2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +2% +3% +2% +2% +2% +2% +4% +2% Advertising -3% -1% -8% -2% -6% -16% -8% -13% Sponsorship -2% +22% - +37% -12% +8% -9% -2% Delegates - +19% -1% +2% -1% -24% -11% -14% Other +5% +15% +24% +15% -4% -10% -24% -9% Total +1% +7% - +6% -1% -5% -5% -6% 1. At constant exchange rates and excluding acquisitions/disposals Page 21
CASH SH CONVERSION SION Cash Cash con- Cash con- generated Adjusted version version from operating operations profit FY2015 FY2014 Hea eadl dline e cash sh convers ersion on 109.5 104.2 105% 105% 92% 92% Add back: CAP cash (incl tax) - - - 8% Other - 4.3 (4%) - Under erlyi ying cash h 109.5 108.5 101% 101% 100% 100% convers ersion on Page 22
TAX 1 FY FY £m 2014 2015 Adjusted PBT 116.2 107.8 Statut utory ory tax charg arge (25.6) (17.6) Add: other tax adjustments (0.1) 1.3 Under erlyi ying tax charg arge (25.7) (18.9) Under erlyi ying tax rate 22% 22% 18% 18% 1. See note 5 of preliminary statement Page 23
STS 1 NET FINANC ANCE COST FY FY £m 2014 2015 Interest on debt facility (1.3) (1.1) Interest on tax (0.3) (0.4) Other 0.1 0.2 Under erlyi ying net et finance e costs ts (1.5) (1.3) Acquisition deferred consideration (1.9) (2.9) Acquisition commitments 1.3 4.7 Statut utory ory net et finance ce costs ts (2.1) 0.5 1. See note 4 of preliminary statement Page 24
EXCEPTI TIONAL ONAL ITEMS £m 2014 2015 2015 Profit on disposal of Cap DATA & Cap NET - 48.4 Profit on disposal of business 6.8 2.4 Profit on disposal of properties - 4.3 6.8 55.1 Goodwill impairment (HFI/CIE/Indaba) - (18.5) 5) Associate impairment (Global Grain) (0.4) - Restructuring and other exceptional costs (3.8) (3.2) 2.6 33.4 Page 25
DEALOGIC GIC £m £m 2014 2014 2015 2015 Q1 Q2-Q4 Revenue 5.7 1.2 - Operating profit 5.4 1.0 - Share of profits in associate 0.2 - 2.4 Page 26
Recommend
More recommend
